Common Financial Disputes in a Divorce 

Common Financial Disputes in a Divorce 

With over 20% of all divorces being attributed to money-related issues, it’s no surprise that financial disputes occur during divorce proceedings. Filing for a divorce can be a difficult and confusing process, and it can become even harder if couples can’t agree upon aspects of their finances. Couples can disagree upon varying financial factors affecting a wide range of issues, such as property arrangements and ownership. In addition, one spouse can accuse the other of being financially irresponsible, such as proving that they made financial decisions without their knowledge. If you are considering divorce, you may have questions regarding financial disputes in court.  Sam Law Office LLC. is here to support you in your Illinois divorce and help you understand your financial rights and responsibilities in divorce proceedings. 

What are Common Financial Issues in Divorce?

In divorce proceedings, a court will decide about various aspects of the couple’s financial life. Here are some common financial disputes that are addressed during a divorce:

• Division of Property

Property refers to any belongings that either spouse owns and different classifications are given depending on the time that the property was acquired. For example, Illinois law separates property into marital and non-marital. Any property that was obtained during the marriage is considered marital property, whereas property purchased before the marriage is non-marital property. Non-marital property does not have to solely include purchases made by an individual but can include any gifts or financial contributions given to them. Marital property can include but is not limited to housing, cars, and furniture. 

Illinois is considered an equitable distribution state, meaning that they will decide how to divide up property based on what they consider to be equal and fair for each spouse. In addition, Illinois is a no-fault state, meaning that neither spouse has to claim responsibility for the end of the marriage. Thus, Illinois representatives can’t penalize any one spouse for contributing to the marriage’s end. 

• Debts and Assets

Marital property can also reference any debts and assets in the marriage. While debts refer to money that is owed by either spouse, assets refer to any items of value that may support an individual financially. Examples of assets include cars, jewelry, bank accounts, as well as any other item the court deems as valuable. In Illinois, assets are divided as the court seems necessary and they consider the needs of each spouse. Illinois is not a 50-50 state, in that they don’t divide assets evenly among spouses. Similar to assets, debts are also decided upon based on what the court deems fair. They will consider how the debt was acquired and who should be responsible for payment. 

• Alimony

Alimony refers to the payment given to a spouse proceeding a divorce. This payment is typically reoccurring and the amount is dependent on the needs of the individual receiving it. Alimony is intended to ensure that each spouse is financially taken care of and will have funds to make any unforeseen payments. Alimony is often provided to the spouse who receives a lower income or suffers greater financial hardships due to the divorce. In Illinois, alimony is determined by taking 33% of the payer’s net income and subtracting 25% of the recipient’s net income. 

Contact our Office Today

If you’re seeking legal assistance in resolving your financial disputes, contact our office today. We are eager to help you resolve any issues that may arise.